Consider the following statements regarding National Electronic Fund Transfer (NEFT) and Real-Time Gross Settlement (RTGS): 1. In National Electronic Fund Transfer (NEFT), the transaction happens in…

Question

Consider the following statements regarding National Electronic Fund Transfer (NEFT) and Real-Time Gross Settlement (RTGS): 1. In National Electronic Fund Transfer (NEFT), the transaction happens in batches and hence it is slow 2. In Real-Time Gross Settlement(RTGS), transactions happen in real time and hence being fast 3. There is no minimum limit in RTGS 4. There is a Rs 2 Lakh minimum limit for NEFT How many of the above Statement/s is/are correct?

PYQPulse · Accepted Answer

Only two statements

PYQPulse · Answer

Explanation: This question asks us to evaluate the correctness of four statements concerning the National Electronic Fund Transfer (NEFT) and Real-Time Gross Settlement (RTGS) systems, which are crucial methods for transferring funds electronically in India. Let's examine each statement individually: Statement 1: In National Electronic Fund Transfer (NEFT), the transaction happens in batches and hence it is...

Answer: B. Only two statements

Explanation

Answer: B. Only two statements

Explanation